Newmont Mining Corp. NEM, +0.17% agreed to buy rival Canadian gold producer Goldcorp Inc G, +0.63% in an all-stock transaction the companies valued at $10 billion, intensifying a consolidation wave among global miners as they compete for a dwindling supply of easy-to-find gold.

The move comes on the heels of another mining blockbuster: Canada’s Barrick Gold Corp. agreed to buy Randgold Resources Ltd. for $6 billion in an all-share merger last September.

The depletion of global gold mines, and the resulting increase in extraction costs, has pushed gold miners to seek cost efficiencies, and smaller-scale combinations, as they compete to find and exploit the world’s remaining high-grade deposits.

Newmont said it would acquire each Goldcorp share for 0.3280 of their own stock, which represents a 17% premium to the Canadian company’s 20-day volume weighted average share prices.